Wirecard boss Braun quits with immediate effect

The German company said Markus Braun had left with immediate effect by mutual consent. He has been replaced by James Freis, who joined the management board on Thursday to take over its compliance operation.

Wirecard said Freis would be interim CEO "with sole power of representation". Braun quit soon after broadcasting a video in which he said the company could be the victim of a considerable fraud.

The company also said it was in constructive talks with its banks about continuing €2bn euros of debt that were under threat of being called in after its auditor refused to sign off accounts for 2019.

The company was thrown into turmoil on Thursday when auditor Ernst & Young said it was unable to find the €1.9bn, which was meant to be held in two escrow accounts at Asian banks. Braun led the company's rapid growth that turned him into a shortlived bililonaire and propelled Wirecard into Germany's index of leading companies.

The missing money makes up about a quarter of Wirecard's balance sheet and leaves Wirecard fighting to survive. The company, based in a Munich suburb, became a "fintech" star in Germany, sending it into the Dax 30 index two years ago with a value of €24bn, On Friday it was valued at less than €3bn.

Freis joined Wirecard in June from Deutsche Borse as the company's next compliance chief. The American corporate lawyer took up that post early when he replaced chief operating officer Jan Marsalek on Thursday evening and has now been thrown into the top job.